InterCloud Continues Business Realignment with the sale of AW Solutions
NEW YORK, April 27, 2017 (GLOBE NEWSWIRE) -- InterCloud Systems, Inc. (the "Company" or "InterCloud") (OTCQB:ICLD), a leading provider of networking orchestration and automation solutions and services, today announced the sale of a majority interest in its AW Solutions, Inc. subsidiary. AW Solutions provided DAS and WiFi engineering services. Under the terms of this asset sale, InterCloud will recieve a $2.0 million convertible note in the new company, an additional working capital adjustment in 60 days and a potential earnout after six months. In addition, InterCloud will retain a 19.9% ownership interest in the new company.
Mark Munro, CEO of InterCloud stated, “The sale of this business asset is a continued attempt to realign InterCloud’s business units around profitable higher margin work. The AW Solutions sale has given InterCloud the opportunity to continue to improve our P&L and balance sheet. InterCloud is exploring the sale of other non-core assets as well. This reorganization is providing us the changes necessary to attract conventional asset based lending solutions in order to fuel growth in our core areas.”
About InterCloud Systems, Inc.
InterCloud Systems, Inc. is a leading provider of networking orchestration and automation, for Software Defined Networking (SDN) and Network Function Virtualization (NFV) cloud environments to the telecommunications service provider (carrier) and corporate enterprise markets. InterCloud offers enterprise and service-provider customers the opportunity to adopt an operational expense model by outsourcing cloud and network deployment and management to InterCloud rather than the capital expense model that has dominated in recent decades in IT infrastructure management. Additional information regarding InterCloud may be found on InterCloud's website at www.intercloudsys.com.
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